There are several big-ticket land sites for residential development popping up on the market in Los Angeles. However, as commercial developers know, not all land sites are created equal. Commercial developers are stepping up to prep the land sites for development, including everything from grading to entitlements, and then selling to high-end consumers who can then build their dream home. With rising demand for housing and limited land to build them, these new land sites are giving luxury homebuyers new options.

One such land site is Stella Nova, a 30-acre site in Bel Air that recently hit the market with a $60 million price tag. Commercial developer Sandstone Capital has prepped the site for construction, and laid the foundation. “This is an exception to the rule. Most of what we do is commercial,” Eri Kroh, president of Sandstone Capital, tells GlobeSt.com. “I put in a lot of the work that needed to be done—I did the heavy lifting. Now, someone else can come in and build their own home. I could build the house, but everyone has different taste. It doesn't make sense to build a house that will likely be redone.”

Lynn Teschner, a broker at The Agency handling the deal, has seen the rising trend as well. “It takes years to entitle these parcels and put them together,” she says. “There is a limited amount of dirt left in Los Angeles. There are vertical lots like ski slopes, but if it has a view, people are finding a way to build on it.” Other big-ticket sites on the market include the $150 million 120-acre Enchanted Hill land site in Beverly Hills, a 10.6-acre site in Bel-Air listed at $150 million, and a 157-acre site in Beverly Hills, which is up for $650 million.